Global Complete Blood Count Device Market Is Estimated To Witness High Growth Owing To Increased Prevalence of Blood Disorders & Growing Geriatric Population
The global Complete Blood Count (CBC) Device market is estimated to be valued at US$3,642.9 million in 2021 and is expected to exhibit a CAGR of 8.3% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Complete Blood Count (CBC) devices are used to measure and analyze various blood components, including red blood cells, white blood cells, platelets, hemoglobin, and hematocrit levels. These devices play a crucial role in the diagnosis and monitoring of various blood disorders such as anemia, infections, leukemia, and thrombocytopenia. They are widely used in hospitals, clinics, diagnostic laboratories, and research institutes.
The CBC devices offer quick and accurate results, which aid healthcare professionals in making informed decisions regarding patient care. With the increasing prevalence of blood disorders and a growing geriatric population that is more susceptible to such conditions, the demand for CBC devices is expected to surge in the coming years.
Market Dynamics:
Driver 1: Increased Prevalence of Blood Disorders:
Blood disorders such as anemia, leukemia, and thrombocytopenia affect a significant portion of the global population. According to the World Health Organization, anemia affects around 1.62 billion people globally, making it one of the most prevalent disorders. CBC devices play a vital role in the diagnosis and monitoring of these disorders, driving the demand for such devices.
Driver 2: Growing Geriatric Population:
The global geriatric population is rapidly increasing, mainly due to advancements in healthcare and an overall increase in life expectancy. The elderly population is more prone to blood disorders, making regular blood tests and monitoring essential. This demographic shift is expected to boost the demand for CBC devices.
SWOT Analysis:
Strength 1: Accurate and Quick Results:
CBC devices offer accurate and quick results, enabling healthcare professionals to make timely and informed decisions regarding patient care.
Strength 2: Wide Range of Applications:
CBC devices are used in the diagnosis and monitoring of various blood disorders, making them a versatile tool for healthcare professionals.
Weakness 1: High Cost of Devices:
CBC devices can be expensive, making them less accessible in certain regions or healthcare settings with budget constraints.
Weakness 2: Limited Availability in Developing Countries:
CBC devices may not be readily available in all healthcare facilities in developing countries, leading to underdiagnosis and inadequate monitoring of blood disorders.
Opportunity 1: Technological Advancements:
Technological advancements, such as the development of portable and handheld CBC devices, offer opportunities for market growth by catering to the demand for point-of-care testing and remote healthcare.
Opportunity 2: Increasing Healthcare Expenditure:
Rising healthcare expenditure in both developed and developing countries provides an opportunity for the expansion of the CBC device market.
Threat 1: Competitive Market:
The CBC device market is highly competitive, with several established players and new entrants. This competition may lead to price wars and impact profit margins.
Threat 2: Reimbursement Challenges:
Limited reimbursement coverage for CBC tests in certain regions or healthcare systems could hinder market growth.
Key Takeaways:
1: The global Complete Blood Count Device Market Growth is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing prevalence of blood disorders and a growing geriatric population that requires regular blood testing and monitoring.
2: In terms of regional analysis, North America is expected to dominate the CBC device market due to the presence of well-established healthcare infrastructure, high healthcare expenditure, and a large geriatric population. However, the Asia Pacific region is projected to witness the fastest growth, driven by increasing awareness, improving healthcare infrastructure, and rising healthcare expenditure.
3: Key players operating in the global CBC device market include Abbott Laboratories, bioMérieux SA, Danaher Corporation, Siemens Healthineers, Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Sysmex Asia Pacific Pte Ltd, Becton, Dickinson and Company, Sight Diagnostics, Horiba, and Nihon Kohden Corporation. These players are actively engaged in research and development activities to introduce new and innovative products in the market.
Overall, the global CBC device market is poised for significant growth, driven by the increasing prevalence of blood disorders and the growing geriatric population. Technological advancements and increasing healthcare expenditure provide additional opportunities for market expansion. However, competition among key players and reimbursement challenges may pose threats to market growth.
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